Daily Spot…

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Gapping down Wednesday to test the 1.1235 sell signal was recovered to fill the gap back up to Tuesday’s close, and to retest 1.1285 resistance.  Two more swings in the range left it intact, and likely to break soon.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap down to Tuesday’s 1293.50 low was recovered to 1296.50 resistance, which then reacted back down to the open’s low. An actual correction down to 1284.50 remains possible, and likely if Thursday’s open has further delayed resuming the rally to probe prior highs above 1300.00.

Silver Jul Contract (SI, ETF: (SLV))
Overnight lows filled the gap back down to Friday’s 17.55 close before recovering back into the interim range, all but requiring no further delay in resuming the rally to the 17.90 target.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight eventually dipped back toward Monday’s close without launching a downleg. But further delaying the rally through Thursday would become even likelier to reverse the trend down next.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s shallow dip and shallow recovery from probing under Friday’s low had been exploited by Tuesday’s rally. But that had held “higher prior lows” at the original sell signal. A negative knee-jerk reaction to Wednesday’s EIA report was possible within the bottoming context. But the reaction extended a weak open to more than a $2 drop attacking 45.90, which is $1 under Monday’s low. No bottom has formed.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday to 3.09 resistance reacted back down to Tuesday’s close, still leaving open the gap back down to Monday’s close, which greets Thursday’s EIA report from a position of weakness.